Fixed costs are best defined as
a. costs that do not vary with output.
b. costs that are at a minimum when output approaches the firm's capacity.
c. the amount that one more unit of output adds to total costs.
d. costs that decline as output increases.
A
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Some states require that unions represent non-union workers who don't pay dues in their collective bargaining negotiations
Explain using economic logic how this might result in fewer unions than would otherwise be the case if these types of laws did not exist.
If a country has a bowed out (concave to the origin) production possibility frontier, then production is said to be subject to
A) constant opportunity costs. B) decreasing opportunity costs. C) first increasing and then decreasing opportunity costs. D) increasing opportunity costs.